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Notes to the Financial Statements
March 31, 2023
Note 1
Note 2
Authority
The Alberta Enterprise Corporation (the Corporation) is a Provincial Corporation that operates under the authority of the Alberta Enterprise Corporation Act.
The Corporation was established on December 5, 2008 and is part of a strategy to encourage technology commercialization and promote growth in Alberta’s venture capital industry.
The Corporation is exempt from income taxes under the Income Tax Act.
Summary of Significant Accounting Policies and Reporting Practices
These financial statements are prepared in accordance with Canadian Public Sector Accounting Standards.
(a) Reporting Entity
The reporting entity is the Corporation, which is part of the Ministry of Technology and Innovation (the Ministry) and for which the Minister of Technology and Innovation (the Minister) is accountable. Other entities accountable to the Minister are the Department of Technology and Innovation (the Department) and Alberta Innovates. The activities of these organizations are not included in these financial statements.
The Ministry Annual Report provides a more comprehensive accounting of the financial positions and results of the Ministry’s operations for which the Minister is accountable.
(b) Basis of Financial Reporting
Revenues
All revenues are reported on the accrual basis of accounting. Cash received for which goods or services have not been provided by year end is recognized as unearned revenue and recorded in accounts payable and other accrued liabilities.
Government transfers
Transfers from all governments are referred to as government transfers.
Government transfers and associated externally restricted investment income are recognized as deferred contributions if the eligibility criteria for use of the transfer, or the stipulations together with the Corporation’s actions and communications as to the use of the transfer, create a liability. These transfers are recognized as revenue as the stipulations are met and, when applicable, the Corporation complies with its communicated use of these transfers.
All other government transfers, without stipulations for the use of the transfer, are recognized as revenue when the transfer is authorized and the Corporation meets the eligibility criteria (if any).
Investment income
Investment income includes dividend and interest income and realized gains or losses on the sale of portfolio investments. Unrealized gains and losses on portfolio investments that are not from restricted transfers, donations or contributions are recognized in the Statement of Remeasurement Gains and Losses until the related investments are sold. Once realized, these gains or losses are recognized in the Statement of Operations.
Expenses
Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year are expensed.
Grants and transfers are recognized as expenses when the transfer is authorized and eligibility criteria have been met by the recipient.
2022 2023
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